A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.

pkk (grandma here)...let me be honest, though I have never bankedat WaMu, I dislike them intensely(being pc here). You must have over-draft protection to have an account(I believe) and then they go to townwith overdraft charges. That was enough for me to avoid them. I chose a credit union and hope itholds.

I left Oregon last year but I grew old there, and know it well. Was in real estate in 1977-78. Am well aware of housing values/prices.

There is something rotten in Portland. Really stinky, fishystinky, with appraisals for last10 years I would say? Worse everyyear. I have visited Seattle areafrequently in last 2 years; similarI believe.

So let's hear it for Andrew Cuomoand hope he gets the chance to airthis dirty conspiracy and nail enough of them, so people really get how they were lied to, used,manipulated, CHEATED. Because thisis coming down and we will see itwas done for the benefit of thepoint of the pyramid, and it'sminions.

LOL!! And this is the same Cramer that just said about housing --"Whatever you do, DON"T YOU BUY NOWWW"- You will lose money!!

Buddy, your propaganda killed the housing market LONG before Cuomo did. It is so crystal clear that you are nothing but a snake oil salesman, who does and says nothing that isn't for pure personal gain, or to help out your criminal buddies on Wall Street. You should be frog-marched right with all the others to San Quentin--it is absolutely where you belong.

I had an argument with my cousin about this earlier. My cousin says that Cuomo is doing this just to "make a name for himself," and that he is causing collateral damage that will hurt a lot of people.

I tried to explain that the damage has already been done, especially with 2 million people projected to foreclosure both this year and next.

It's scary that most people just don't get it. How can so many people be blind to the truth? And how can we make them aware, without bullying them or telling them they are stupid? There must be a better way to get through to them.

it appears to me that first cramer was crazy to have interest rates lowered so that he and his friends could still play the stock market games and keep his show on the air. then he complained to the homeowners should just walk away and not suffer any more. and now he is angry the rate lowering he got (he snickered and said jerk), but alas the rate cut did not help anything. the stocks are tanking he can not recommend any stock except obscure stocks and who knows if they have been backed by mortgage debt. i don't know about you but i smell desperation through my computer screen, somebody is loosing big money, and it must be cramer because he sure isn't including any friend in his rant. sounds to me like he's waiting for the next of kin to pull the life support. oh well the mighty usually fall far and have a hard landing. This dying star is burning out.

Sorry to break this to you guys, but Cuomo is a damn idiot. Fannie Mae and Freddie Mac Gurantee mortgages. I.e. if you default on a mortgage that they've insured it in a MBS (mortgage backed security), *THEY* have to pay. Why would they want an inflated appraisal!? If the appraisal is bogus, that's more money out of their pocket that they'll have to pay out. Give me a break. Cuomo is an idiot. If you don't believe me, read this letter sent to cuomo from OFHEO (Office of Frederal Housing Enterprise oversight). They basically say, "Cuomo you have no idea what you're talking about"

Let's assume Cuomo is a damn idiot. So what? His effort appears to have uncovered real evidence of criminality on the part of WaMu. Quite an accomplishment, and I suspect more than you've done to right the wrongs that are this blog's raison d'etre.

Meanwhile, Cramer's easy-money agenda is hostile to law-abiding, fiscally conservative Americans whose savings are being confiscated by their own government through currency devaluation. Remember his rant about what the Fed's failure to lower rates was doing to "his people". His people, indeed.

I like Lockhart's flawed logic that Fannie and Freddie wouldn't ever participate in fraudulently inflated appraisals because they hold the credit risk on the Mortgage Backed Securities they issue. Do you or Lockhart understand the difference between short-term and long-term?

Falsified appraisals may well be against the long-term interests of Fannie and Freddie but they sure were in the short-term interest of any employee or executive whose compensation was based upon volume.

How could you and Lockhart be so naive?

Just look at how Mozillo, Toll, Hovnanian, Bernie Ebbers, Kenneth Lay and many many others acted against the long-term interests of their companies because it was very much in their short-term interests.

I'm glad Cuomo is stepping in to do the job that OFHEO is too lazy and incompetent to do.

He exploited stupid people and profited from it; pretty much the way business in done in the world. It is the person taking the loan from the bank that is to blame for the current state of affairs. How can someone sign a contract without knowing what exactly they are getting into?

Oh and people who have 2 kids and make $20K a year buying $350K homes is just PURE STUPIDITY. They don't deserve to be called the vicitims of people like Mozilo.

Cramer is a blathering imbecile that just yells and moves his hands a lot so it looks like he knows what he is talking about.

all cramer cares about is his hedge fund buddies......he acts like he worries about the little guy but this is not the case. so now the stock pumper is on cnbc talking about the stocks to have when we are in recession. amazing! this guy did not say anything about the bad times , etc until he finally had to. the guy is a disgrace and it is incredible that he is even on television.

also anyone with the name cuomo hailing from new york, sends up caution flags to me...

One think that normally, Fannie and Freddie, like WAMU would be against overinflated appraisals.

But that's not thinking like a hypercapitalist.

In the modern hypercapitalism---profits *now*, *today* are all that matter. Risk is somebody else's problem.

Since hypercapitalists have the political power, they can make the economic problem somebody else's.

The execs at F&F had Goldman Sachs envy. They wanted massive quarterly profits and asset and profit growth.

If they actually thought appraisals were overinflated, then they'd have to put in more money in loan loss reserves! And that would lower their holy EPS, and lower their leverage, and that would mean LESS MONEY TODAY.

Cramer and everybody spewing that C-word needs to STFU.

Kim Jong Il, Fidel Castro and Hugo Chavez are actual, live, Communists. You know, the one-party state, actual seizure of all modes of production by the unitary dictator.

but:

Just because you want a certain amount of traditional prudent regulation,and you do not just TRUST the titans of Duh Street at their lying word, doesn't make you a COMMUNIST.

It makes you a normal American. The kind who wasn't born yesterday.

They howl COMMIE COMMIE COMMIE COMMIE as soon as you start to sniff around their scams and their obscene profit stream might start to evaporate.

Cramer has been a biased jackoff for years bashing wamu because he desperately wanted JPmorgan to buy them. Cramer has been pushing JPmorgan and Well Fargo for years, both big wamu competitors, to his action alerts subs. Cramers portfolio has been brutalized this past year and he's desperate for some deal to save his ass. The moron said financials were going to be the best sector this year.So he's been bashing wamu more and more as the stock tanked, desperate to help drive the price down and get JPmorgan ready. But what he couldn't of counted on was the credit crisis which has completely shutdown the M&A debt machine happening at the same time. So Cramer continued to bash right up until Cuomo started talking about expanding his investigation to include Freddie Mac and Fannie Mae. Yahh, because if Fannie and Freddie stop buying loans on the secondary market, its not going to only be wamu's loans, but everyone elses as well. Including his wallstreet buddies and his warm showers partner, the CEO of Chase.Now we see Cramer do an immediate 180 and come to wamus defense only two days after utterly destroying it on national tv.What an ass.

cuomo takes on wall street idiot...redoux why cuomo the powerful did not become president when cuomos were governors......and demanding of the least of human rights? the right to life.. unalienable.....

Cramer knows nothing, he knows nothing. Remember that little rant as a plea to Bernanke to lower rates. Think about it, Cramer basically made all of his money under Dr Bubbles and was trained to expect candy if he stomped his feet like all the other overgrown children that most boomers are. I think he is finally starting to realize how bad this is going to be, and that the bailouts cannot continue because of political backlash from the weak dollar. If he wants to save any credibility, he should recommend everyone get out of U.S. stocks but he can't because he took his blood oath at Goldman Sachs and works for CNBS.